Decentralized Transaction Data Storage Beyond Card Authorization
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing payment card transaction standards limit the type and amount of data that can be transmitted between parties, restricting the information available to merchants and financial institutions.
Innovation Solution
Storing transaction data in a decentralized manner using a blockchain or distributed ledger, allowing merchants to add additional transaction details beyond the authorization request, which can be retrieved and enriched for account holders.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If traditional payment card transaction standards are used, then transaction processing is standardized and reliable, but the type and amount of data that can be transmitted are limited
Solution Approach 1:
The system segments transaction data into two parts: essential authorization data transmitted through traditional standardized channels, and additional descriptive data stored on a blockchain. This segmentation allows the patent to maintain compatibility with existing payment standards while enabling enhanced data transmission capabilities through the blockchain's append-only ledger mechanism.
Solution Approach 2:
The blockchain acts as an intermediary between the payment card association's standardized data requirements and the merchant's need to transmit additional transaction details. It provides a bridge that accommodates both the standardized authorization data and the enriched descriptive data without compromising either system.
2Loss of information
If additional transaction data is transmitted beyond authorization requests, then more information is available to merchants and customers, but data security and integrity challenges increase
Solution Approach 1:
The system performs preliminary actions by pre-establishing cryptographic hashes of transaction data and pre-configuring blockchain smart contracts that automatically enforce data integrity rules. These preliminary measures ensure that when additional transaction data is transmitted and stored, its integrity is maintained from the outset through cryptographic verification and immutable blockchain recording.
Solution Approach 2:
The system changes the parameter of data storage from traditional centralized databases to a decentralized blockchain ledger with specific cryptographic parameters. This parameter change enhances data integrity through cryptographic hashing and immutable recording, while the blockchain's distributed nature provides security without requiring complex centralized security systems.
3Reliability
If decentralized storage is implemented, then data integrity and security are enhanced, but system complexity and implementation difficulty increase
Solution Approach 1:
The blockchain platform is designed with multi-functionality to handle various transaction data types and enrichment operations. It serves as a universal ledger that can store authorization data, descriptive data, and cryptographic hashes simultaneously, reducing the need for multiple specialized systems and simplifying implementation.
Solution Approach 2:
Instead of requiring complex real-time synchronization across all nodes, the system uses cryptographic copying of transaction data hashes to the blockchain. This allows each participant to maintain a copy of the essential transaction information without requiring complex real-time data sharing mechanisms, simplifying the overall system architecture.
4Ease of operation
If existing industry standards are followed, then compatibility and ease of operation are maintained, but the ability to provide detailed transaction information is restricted
Solution Approach 1:
The system segments the data transmission process into two independent parts: traditional standardized authorization transactions that maintain simplicity and compatibility, and additional descriptive data transactions that utilize blockchain's flexible data storage capabilities. This segmentation allows each part to operate under its own optimal standards without compromising the other.
Solution Approach 2:
The patent adds another dimension to data transmission by introducing blockchain-based descriptive data storage alongside traditional authorization channels. This dimensional addition allows the system to maintain existing simple authorization processes while enabling rich, detailed transaction information storage and retrieval through the blockchain's additional data layer.
Data Source
AI summary
Disclosed are various embodiments for decentralized storage of transaction data. An authorization request for a transaction is received from a second computing device. The transaction is then authorized. In response to authorization of the transaction, a node representing the transaction can be generated. The node is then stored in a graph. Moreover, in response to authorization of the transaction, a response is provided to the second computing device. The response can include a transaction identifier.